Profitable litecoin mining rig23 comments
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Did that for like 3. I reflected on it for a little, is it better to go with the pool and get a steady payout or continue going solo and hope I get lucky?
I came back to it after kmkfan commented on this thread and realized I should just keep going if for no other reason then to document how it goes and provide updates. Right now, I look at the fees on the Bitcoin blocks https: On the Litecoin blocks, the fees average around 0.
In the long run, whether I mine solo or as part of a pool, the work that I do will be compensated by the network. I think at almost a year as the estimated time to find a block, this is all still a bit farfetched, it all sounds nice in theory. Just got to have trust in the network. Hey nehgekim thanks for taking one for the team! We are under the same impression that if we are going to do this, we are gonna go all in and solo mine.
I just run a single instance on AWS t2. My concern is just that the difficulty is going to rise so fast that your est. Forcasting that I need to double my hashing power every 6 months to keep up. Learn from my mistake. Now that the difficulty also spiked, I missed a critical window. I appreciate your input! I think we will take your advice. I setup an account on litecoinpool. Thanks for the comment Romeococo.
Whatever, eventually I will find one or my friend with a est. Or, my setup blows and neither of us will find one! Can always recoup my investment by selling my miners since I bought them directly from the manufacturer. Hopefully, I can still do that 60 days from now too. The experience is worth it IMO, I mine to support the network and for fun, profit is not the main factor or at least I keep telling myself that so I can sleep at night. Screen Shot at 4. Will post a link to my repo with notes on setting up on the Testnet at some point.
For now, people can look here: I information from this to figure out how to use the Litecoin Testnet. At least it has that functionality that you can test and confirm that it is actually working. I am still a week out from deploying my mining rig, but I am getting worried with the recent activity in LTC and the difficulty quickly increasing on the network for mining.
What was the payout you actually received in that time? That happens, which is why shipping time is so critical to mining. Pretty much instantly, like 5 minutes of mining and I had mined blocks.
Hey nehgekim , any news on solo mining? Sorry to hear that man! But thanks for taking one for the team. Thanks and good luck! Still, no blocks found. However, one of my colleagues running the same setup I am with more hashpower did find a block! So, I have a new sense of optimism in solo mining. My colleague has approximately 5. In practice, they found a block after 26 days. The reward was about Technically the right way to do the calculation would involve some calculus since the reward is a function of the difficulty.
So, I ran the calculations for reward based on the difficulty at the first day of mining, 3,, 15 Dec. This represents the best-case senario. Based on 3M difficulty, the day reward would be Based on what I read, people recommend mining solo if you have an estimated time to block of 1 day. However, I would recommend you should only solo mine if you can afford to go 2 to 3 times longer than your estimated time to block without earning anything and if you plan to mine for 3 years or more.
Its really less of a function of what your estimated time to block is and more a function of how long you can survive without earning anything for your mining. Based on what I read, people say solo mining and mining in a pool would earn the same thing over the long term but I disagree. There is friction when mining in a pool: Mining in a pool can never earn the same as mining solo where there is no fees and no middlemen however you do have to run your own node which could be the same as the friction associated with mining.
The real trick is to minimize any extra overhead associated with running your own node like right now, I pay for a server but I have plans to go to a bare metal machine. When you mine solo, you take more risk but you potentially earn more reward. I recommend more people mine solo if they have the means to. If you have one machine and are looking for a return on that machine, you should mine pool. Solo Mining vs Pool Mining Mining.
Now the irony of the life kicks it, 1 week pool mining you will find a block! Luckily, there is a way I could test my setup, mine on the Litecoin Testnet! I think pguerrerox said it best: Thats from the machine.